DBS put up for auction a portfolio consisting of 46 HDB units and private strata-retail units.

The Business Times reports that, according to their understanding, the units had previously been full-service branch banks. The units have a combined area of approximately 69.500 sq feet. Each unit can be bought separately. Sales started a few weeks back, according to the report.

The 10 strata retail units in private estates are located at Thomson Square, Gleneagles medical Centre, Marine Parade Central, Bukit Batok, Tanjong Pagar and Jurong West. The 10 retail strata units located privately are at Thomson Plaza (formerly John Hancock Tower), Gleneagles Medical Centre on Orchard Road or The Centrepoint.

DBS said it was selling 46 units at 29 locations in order to focus on its core business, property management, rather than non-strategic assets.

16 of these 29 locations are partially used by the bank to provide 24/7 self-service (without counter service) branches and ATMs. The bank’s use of space in 16 locations is just over 10%.

A spokesperson from DBS stated that almost 90% of the remaining space is either leased (some of it has been occupied by tenants for more than 20 years) or vacant.

Lentor Hill Residences condo

There is a rumor on the market that the HDB property portfolio of 46 properties has a range of balance tenures from around 44 years to about 68.

Gleneagles Medical Centre (freehold) and 6 Raffles Quay (6 Raffles Quay) are both freehold structures. Thomson Plaza is situated on a plot with about 51 years of balance leasehold tenure. The Centrepoint strata units have a lease tenure of approximately 54 years.

DBS is said to have selected CBRE Cushman & Wakefield JLL Knight Frank Triple One Properties.

The 5,145 sq. ft. unit at 6 Raffles Quay has the highest guide prices, which is slightly above S$19.4million. Two units on second level at Gleneagles Medical Centre Napier Road are listed with guide prices as high as S$10 million. (For a 700 sq. ft. unit) or S$8.5 million.

DBS had roughly 170 bank branches following the acquisition of POSB, in 1998. Since then, the number of DBS branches has declined to about 70.

The 70 branches include full service branches (with counters), financial planning branch and 24/7 selfservice branches.

A network of approximately 1,900 self-service bank machines (including ATMs), and POSB-Cash-Points is available at various outlets, such as Giant Cold Storage & 7-Eleven. This compares with only 950 machine in 1998.

Over the past quarter century, the branch networks have been streamlined to reduce the number of branches due to duplication, close proximity, and declining foot traffic. Many customers now prefer to use online banking or to conduct their banking outside normal branch hours.